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\setlength{\itemindent}{0pt}% \setlength{\parskip}{0pt}% \setlength{\itemsep}{0pt}% \setlength{\parsep}{2pt}% \def\makelabel##1{\upshape ##1}}% } {\end{list}\end{raggedright}} \newenvironment{specHead}[2]% {\vspace{20pt}\hrule\vspace{10pt}% \phantomsection\label{#1}\markright{#2}% \pdfbookmark[2]{#2}{#1}% \hspace{-0.75in}{\bfseries\fontsize{16pt}{18pt}\selectfont#2}% }{} \def\TheFullDate{2015-03-15 (revised: 15 March 2015)} \def\TheID{\makeatother } \def\TheDate{2015-03-15} \title{An Analysis of Contributions of Household Sector, Private Corporate Sector and Public Sector in Gross Domestic Savings and Thus Gross Capital Formation of India} \author{}\makeatletter \makeatletter \newcommand*{\cleartoleftpage}{% \clearpage \if@twoside \ifodd\c@page \hbox{}\newpage \if@twocolumn \hbox{}\newpage \fi \fi \fi } \makeatother \makeatletter \thispagestyle{empty} \markright{\@title}\markboth{\@title}{\@author} \renewcommand\small{\@setfontsize\small{9pt}{11pt}\abovedisplayskip 8.5\p@ plus3\p@ minus4\p@ \belowdisplayskip \abovedisplayskip \abovedisplayshortskip \z@ plus2\p@ \belowdisplayshortskip 4\p@ plus2\p@ minus2\p@ \def\@listi{\leftmargin\leftmargini \topsep 2\p@ plus1\p@ minus1\p@ \parsep 2\p@ plus\p@ minus\p@ \itemsep 1pt} } \makeatother \fvset{frame=single,numberblanklines=false,xleftmargin=5mm,xrightmargin=5mm} \fancyhf{} \setlength{\headheight}{14pt} \fancyhead[LE]{\bfseries\leftmark} \fancyhead[RO]{\bfseries\rightmark} \fancyfoot[RO]{} \fancyfoot[CO]{\thepage} \fancyfoot[LO]{\TheID} \fancyfoot[LE]{} \fancyfoot[CE]{\thepage} \fancyfoot[RE]{\TheID} \hypersetup{citebordercolor=0.75 0.75 0.75,linkbordercolor=0.75 0.75 0.75,urlbordercolor=0.75 0.75 0.75,bookmarksnumbered=true} \fancypagestyle{plain}{\fancyhead{}\renewcommand{\headrulewidth}{0pt}} \date{} \usepackage{authblk} \providecommand{\keywords}[1] { \footnotesize \textbf{\textit{Index terms---}} #1 } \usepackage{graphicx,xcolor} \definecolor{GJBlue}{HTML}{273B81} \definecolor{GJLightBlue}{HTML}{0A9DD9} \definecolor{GJMediumGrey}{HTML}{6D6E70} \definecolor{GJLightGrey}{HTML}{929497} \renewenvironment{abstract}{% \setlength{\parindent}{0pt}\raggedright \textcolor{GJMediumGrey}{\rule{\textwidth}{2pt}} \vskip16pt \textcolor{GJBlue}{\large\bfseries\abstractname\space} }{% \vskip8pt \textcolor{GJMediumGrey}{\rule{\textwidth}{2pt}} \vskip16pt } \usepackage[absolute,overlay]{textpos} \makeatother \usepackage{lineno} \linenumbers \begin{document} \author[1]{K. Anandakumar} \affil[1]{ Velammal Institute of Technology - Affiliated to Anna University} \renewcommand\Authands{ and } \date{\small \em Received: 4 February 2015 Accepted: 28 February 2015 Published: 15 March 2015} \maketitle \begin{abstract} It is an unquestionable fact that gross domestic saving is one of the most contributing factors of economic growth of a nation. It plays concrete role in fostering investment, production, employment and eventually the economic growth. The present paper endeavors to analyze and exemplifies the contributions of household sector, private corporate sector and public sector in Gross Domestic Savings (GDS) and thus Gross Capital Formation (GCF) of India. The study is based on secondary data from 2000-2013. The statistical tools like Percentage, ANOVA, Correlation and Regression analysis are used for data analysis. The analysis divulges that the maximum contribution to GDS and GCF is made by household sector followed by private corporate sector and then public sector \end{abstract} \keywords{gross domestic savings, gross capital formation, household sector, private corporate sector, public sector} \begin{textblock*}{18cm}(1cm,1cm) % {block width} (coords) \textcolor{GJBlue}{\LARGE Global Journals \LaTeX\ JournalKaleidoscope\texttrademark} \end{textblock*} \begin{textblock*}{18cm}(1.4cm,1.5cm) % {block width} (coords) \textcolor{GJBlue}{\footnotesize \\ Artificial Intelligence formulated this projection for compatibility purposes from the original article published at Global Journals. However, this technology is currently in beta. \emph{Therefore, kindly ignore odd layouts, missed formulae, text, tables, or figures.}} \end{textblock*} \let\tabcellsep& \section[{Introduction}]{Introduction}\par nvestment made by the government is the momentous factor for enhancing and sustaining economic prosperity. In order to finance investment required, a nation suppose to generate ample domestic savings or it has to scrounge abroad and / or develops FDI. According to Solow and Harrod Domar Growth Model, saving is a crucial factor for the economic growth of any nation, since it generates opportunities for investment which in turn boost up production and stimulates employment. Domestic savings aid in sustaining high growth rates through its impact on investment and also perform as a channel for magnetizing FDI whereas the over dependence on peripheral financing may erode competitiveness through an overvalued currency, providing additional motives for wanting to stimulate domestic saving.\par Gross Domestic Savings= Gross Domestic Product -Final Consumption Expenditure. The money thus saved is either held in reserve with public or is ploughing back for further investments which are known as Capital Formation. Capital Formation is one of the driving forces for the holistic economic development and insufficient or lack of capital formation in the economy may usher to under development of the economy. There are three important segments contributing to gross domestic savings and capital formation viz. household sector, private corporate sector and public sector. Considering the importance of domestic savings in capital formation and thus economic growth, this paper attempts to analyze and exemplify the contributions made by household sector, private corporate sector and public sector in gross domestic savings and thus the capital formation. \section[{II.}]{II.} \section[{Objectives of the Study}]{Objectives of the Study}\par The focal objective of the study is to analyze the contribution of private sector in terms of private corporate and household sector and public sector in\par ? The other objectives are To explore the flow of savings of each sector to the Gross Domestic Savings in order to ascertain the dominant contributing sector.\par ? To throw light on sectors having more contribution towards the capital formation. ? To measure the strength and statistical significance of each sector's contribution as predictors of GDS and GCF. ? To rank the sectors based upon the highest contribution in terms of gross domestic savings and gross capital formation.\par III. \section[{Nature of the Study}]{Nature of the Study}\par The present study is of analytical nature and makes use of secondary data. The relevant secondary data has been collected from reports of Union Budget of India 2014 and the following economic survey 2013-2014, the Ministry of Commerce and Industry, Department of Industrial Promotion and Policy, Government of India, Centre for Monitoring Indian gross domestic savings and thus the capital formation of India.\par Economy, Reserve Bank of India, World Investment Report and World Bank national accounts data. \section[{IV.}]{IV.}\par Review of Literature \hyperref[b9]{Khan and Reinhart (1990)} in their empirical study titled "Private investment and economic growth in developing countries" formulated a simple growth model that separates the effect of private sector and public sector and supported the notion that private investment has a larger direct effect on growth than does public investment.\par The empirical studies conducted by Hadji Michael (1996), Ben-David (1998), Hernandez-Cata (2000), \hyperref[b4]{Ndikumana (2000)} in Africa, Asia and Latin America have established that there exists critical linkage between capital formation and the rate of growth. This exemplifies that capital formation is a key to economic growth.\par Econometric evidence due to work done by Beddies 1999, \hyperref[b8]{Ghura and} {\ref Hadji Michael 1996, Ghura 1997} indicates that private capital formation has a stronger, more favorable effect on growth rather than government capital formation probably because private capital formation is more efficient and less closely associated with corruption. \hyperref[b2]{Mishra et al. (2010)} studied the dynamic relationship between savings and investment in India for the period 1950-51 to 2008-09 by employing Johansen cointegration technique and Granger causality test via Vector Autoregressive framework. The authors found the presence of long run equilibrium relationship between saving and investment in India. The Granger causality test revealed directional causal relationship between the variables under study.\par Inuwa Nasiru and Haruna M. Usman (2013) in their paper "The Relationship between Domestic Savings and Investment: The Feldstein-Horioka Test Using Nigerian Data" found that there is a long run relationship between savings and investment. The study used the reduced-form bi-variate model of Feldstein and Horioka (1980) to examine the long-run relationship between domestic saving and investment and measure the degree of international capital mobility. Kanu, Success Ikechi \& Ozurumba, Benedict Anayochukwu (2014) have employed multiple regression technique to study the impact of capital formation on the economic growth of Nigeria. It was ascertained that in the short run, gross fixed capital formation had no significant impact on economic growth; while in the long run; the VAR model estimate indicates that gross fixed capital formation, total exports and the lagged values of GDP had positive long run relationships with economic growth in Nigeria. It is clearly found that household sector contributes 73\% to GDS and occupies the most dominant variable of GDS. The private corporate sector with its share of 22\% to GDS holds second major contributor of GDS. Together, the private sector (Household + Private corporate) contributes 95\% to GDS. It is then followed by public sector with a share of only 5\%. Correspondingly, the household sector with its contributions of 68\% occupies predominant position in total Gross Capital Formation and then followed by private corporate sector having 21\% and public sector having only 5\% and the rest 7\% by other variables which are beyond the scope of this study. The value R determines the strength of relationship. The value of R between household sector and GDS is 0.991 which signifies more strong relationship between them and the relation is significant since the P value 0.000 is less than 0.05. Similarly, the R value between Private Corporate sector and GDS is 0.996 which symbolizes the intense relationship between them and the relation is significant (P value = 0.000 < 0.05). Correspondingly, the value of R between Public sector and GDS is 0.605 which denotes modest relationship between them and the relation is significant (P Value=0.029 < 0.05). The \section[{73\% 68\% 22\% 21\% 5\% 5\%}]{73\% 68\% 22\% 21\% 5\% 5\%}\par Gross Domestic Savings Gross Capital Formtion \section[{Sectorwise contributions to GDS \& GCF}]{Sectorwise contributions to GDS \& GCF}\par analysis of three different values of R strongly reveals that the contribution made by Public Sector is not competent in comparison with other two sectors.\par In the same way, the values of R between different sectors and GCF indicate the degree of relationship between them. The scrutiny of different R discloses that public sector has less contribution to Gross capital Formation. \section[{Conclusion}]{Conclusion}\par Gross Domestic Savings and Capital Formation are keys to economic growth. The central opinion of this paper is that all the three sectors such as household, private corporate and public sector are statistically significant in determining the Gross Domestic Savings and Gross Capital Formation. Of which, the paper discovered that the Household sector's contribution is more than other two sectors. It is also found that the rise in GDS leads to more capital accumulation which will enhance productive capacity of the nation and in turn stimulate growth of the economy.\begin{figure}[htbp] \noindent\textbf{}\includegraphics[]{image-2.png} \caption{\label{fig_0}}\end{figure} \begin{figure}[htbp] \noindent\textbf{} \par \begin{longtable}{} \end{longtable} \par \caption{\label{tab_0}}\end{figure} \begin{figure}[htbp] \noindent\textbf{No1} \par \begin{longtable}{P{0.23602446483180428\textwidth}P{0.02235474006116208\textwidth}P{0.08474006116207951\textwidth}P{0.17311926605504588\textwidth}P{0.005198776758409786\textwidth}P{0.18091743119266054\textwidth}P{0.014036697247706422\textwidth}P{0.05718654434250764\textwidth}P{0.005198776758409786\textwidth}P{0.07122324159021406\textwidth}} 2007-2008\tabcellsep \tabcellsep 1118347\tabcellsep 469023\tabcellsep \tabcellsep 248962\tabcellsep \tabcellsep 1836332\tabcellsep \tabcellsep 1900762\\ 2008-2009\tabcellsep \tabcellsep 1330873\tabcellsep 417467\tabcellsep \tabcellsep 54280\tabcellsep \tabcellsep 1802620\tabcellsep \tabcellsep 1931380\\ 2009-2010\tabcellsep \tabcellsep 1630799\tabcellsep 540955\tabcellsep \tabcellsep 10585\tabcellsep \tabcellsep 2182338\tabcellsep \tabcellsep 2363132\\ 2010-2011\tabcellsep \tabcellsep 1800174\tabcellsep 620300\tabcellsep \tabcellsep 201268\tabcellsep \tabcellsep 2621742\tabcellsep \tabcellsep 2841457\\ 2011-2012\tabcellsep \tabcellsep 2054737\tabcellsep 658428\tabcellsep \tabcellsep 111295\tabcellsep \tabcellsep 2824459\tabcellsep \tabcellsep 3200633\\ 2012-2013\tabcellsep \tabcellsep 2212414\tabcellsep 713141\tabcellsep \tabcellsep 117919\tabcellsep \tabcellsep 3043474\tabcellsep \tabcellsep 3521399\\ TOTAL\tabcellsep \tabcellsep 15005199\tabcellsep 4634626\tabcellsep \tabcellsep 1023830\tabcellsep \tabcellsep 20663652\tabcellsep \tabcellsep 22123595\\ \multicolumn{2}{l}{\% age contribution to GDS}\tabcellsep 73\tabcellsep 22\tabcellsep \tabcellsep 5\tabcellsep \tabcellsep 100\tabcellsep \\ \multicolumn{2}{l}{\% age contribution to GCF}\tabcellsep 68\tabcellsep 21\tabcellsep \tabcellsep 5\tabcellsep \multicolumn{3}{l}{93 (Others = 7\%)}\\ \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \multicolumn{5}{l}{b) Analysis of Relationship between Contributions of}\\ \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \multicolumn{5}{l}{Household Sector, Private Corporate Sector and}\\ \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \multicolumn{5}{l}{Public Sector to Gross Domestic Savings}\\ \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \multicolumn{5}{l}{Table 2 reveals the strength of relationship}\\ \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \multicolumn{5}{l}{between contributions of sectors to GDS and Capital}\\ \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \multicolumn{3}{l}{Formation of a country.}\tabcellsep \\ \multicolumn{5}{l}{Figure No 1 : Sector wise Contribution to GDS \& GCF}\tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ \multicolumn{7}{l}{The above figure illustrates that household Savings and Gross Capital Formation sector occupies the first rank in contributions towards}\tabcellsep \tabcellsep \\ \multicolumn{6}{l}{Gross Domestic Savings GDS and GCF followed by private corporate sector and}\tabcellsep \tabcellsep \tabcellsep \\ Year public sector\tabcellsep \tabcellsep Household Sector (Rupees in Crores) SECTOR Household Sector\tabcellsep \multicolumn{6}{l}{Private Corporate Table No 2 : Correlation Analysis Public Sector (Rupees in Crores) Sector (Rupees in Gross Domestic Savings Gross Capital Formation Total (Rupees in Crores) R R 2 P Value R R 2 P Value Crores) 0.991 0.982 0.000 0.995 0.989 0.000}\tabcellsep Gross Capital Formation (Rupees in Crores)\\ 2000-2001\tabcellsep \multicolumn{3}{l}{463750 Private Corporate Sector 0.996 81062}\tabcellsep 0.991\tabcellsep -29266 0.000\tabcellsep 0.991\tabcellsep 515545 0.981\tabcellsep 0.000\tabcellsep 528299\\ 2001-2002\tabcellsep \tabcellsep 545288 Public Sector\tabcellsep 76906 0.605\tabcellsep 0.366\tabcellsep -36820 0.029\tabcellsep 0.573\tabcellsep 585374 0.328\tabcellsep 0.041\tabcellsep 571146\\ 2002-2003\tabcellsep \tabcellsep 564161\tabcellsep 99217\tabcellsep \tabcellsep -7148\tabcellsep \tabcellsep 656230\tabcellsep \tabcellsep 627743\\ 2003-2004\tabcellsep \tabcellsep 657587\tabcellsep 129816\tabcellsep \tabcellsep 36372\tabcellsep \tabcellsep 823775\tabcellsep \tabcellsep 762416\\ 2004-2005\tabcellsep \tabcellsep 763685\tabcellsep 212519\tabcellsep \tabcellsep 74499\tabcellsep \tabcellsep 1050703\tabcellsep \tabcellsep 1064041\\ 2005-2006\tabcellsep \tabcellsep 868988\tabcellsep 277208\tabcellsep \tabcellsep 88955\tabcellsep \tabcellsep 1235151\tabcellsep \tabcellsep 1279754\\ 2006-2007\tabcellsep \tabcellsep 994396\tabcellsep 338584\tabcellsep \tabcellsep 152929\tabcellsep \tabcellsep 1485909\tabcellsep \tabcellsep 1531433\end{longtable} \par \caption{\label{tab_1}Table No1 :}\end{figure} \begin{figure}[htbp] \noindent\textbf{No} \par \begin{longtable}{P{0.2395362663495838\textwidth}P{0.13088585017835908\textwidth}P{0.11016646848989298\textwidth}P{0.03234244946492271\textwidth}P{0.027288941736028537\textwidth}P{0.038406658739595714\textwidth}P{0.17737812128418548\textwidth}P{0.04699762187871582\textwidth}P{0.008085612366230677\textwidth}P{0.015665873959571936\textwidth}P{0.016171224732461353\textwidth}P{0.0035374554102259215\textwidth}P{0.0035374554102259215\textwidth}} \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \multicolumn{3}{l}{3 : ANOVA Table}\tabcellsep \\ \tabcellsep \tabcellsep \tabcellsep \tabcellsep \multicolumn{4}{l}{Amount in Crores}\tabcellsep \\ \tabcellsep \tabcellsep Sectors\tabcellsep Mean\tabcellsep \multicolumn{6}{l}{Standard Deviation F value P Value}\tabcellsep Decision\\ \tabcellsep \multicolumn{2}{l}{Household Sector}\tabcellsep 1154246.08\tabcellsep \tabcellsep \multicolumn{3}{l}{599260.81}\tabcellsep 28.53\tabcellsep 0.000\tabcellsep P value <0.05,\\ \tabcellsep \multicolumn{3}{l}{Private Corporate Sectors 356509.69}\tabcellsep \tabcellsep \multicolumn{3}{l}{230453.11}\tabcellsep \tabcellsep ? H o is Rejected\\ \tabcellsep \tabcellsep Public Sectors\tabcellsep 78756.15\tabcellsep \tabcellsep \multicolumn{3}{l}{87390.121}\tabcellsep \\ \tabcellsep \tabcellsep \multicolumn{8}{l}{Table No 4 : Tukey's HSD Test to determine homogeneous subset}\\ \tabcellsep \tabcellsep \tabcellsep Sectors\tabcellsep \tabcellsep \multicolumn{5}{l}{N Subset for alpha = 0.05}\\ \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep 1\tabcellsep 2\\ \tabcellsep \tabcellsep \tabcellsep Public Sector\tabcellsep \tabcellsep 13\tabcellsep \tabcellsep 78756.15\tabcellsep \\ \tabcellsep \tabcellsep \multicolumn{4}{l}{Private Corporate Sector 13}\tabcellsep \tabcellsep 356509.7\tabcellsep \\ \tabcellsep \tabcellsep \multicolumn{3}{l}{Household Sector}\tabcellsep 13\tabcellsep \tabcellsep \tabcellsep \multicolumn{2}{l}{1154246.1}\\ \tabcellsep \tabcellsep \tabcellsep Sig.\tabcellsep \tabcellsep \tabcellsep \tabcellsep 0.155\tabcellsep 1\\ \multicolumn{6}{l}{d) Analysis of relationship between Contributions of}\tabcellsep \multicolumn{4}{l}{the dependent variable (Gross Capital Formation). From}\\ \tabcellsep \multicolumn{5}{l}{Household Sector, Private Corporate Sector and}\tabcellsep \multicolumn{4}{l}{the table 5, the value R= 0.999 which indicates a good}\\ \tabcellsep \multicolumn{3}{l}{Public Sector to Gross Capital Formation}\tabcellsep \tabcellsep \tabcellsep \multicolumn{3}{l}{level of prediction.}\\ \tabcellsep \multicolumn{5}{l}{A Multiple Regression Analysis is conducted to}\tabcellsep \tabcellsep \multicolumn{3}{l}{From the table 5, R 2 = 0.998 indicates that}\\ \multicolumn{6}{l}{predict causal relationship among a dependent variable}\tabcellsep \multicolumn{4}{l}{99.8\% of the variability of the dependent variable (Gross}\\ \multicolumn{6}{l}{(Gross capital Formation) and independent variables}\tabcellsep \multicolumn{4}{l}{Capital Formation) is explained by the independent}\\ \multicolumn{6}{l}{such as contributions of household sector, private}\tabcellsep \multicolumn{4}{l}{variables (Contributions of Household Sector, Private}\\ \multicolumn{3}{l}{corporate sector and public sector.}\tabcellsep \tabcellsep \tabcellsep \tabcellsep \multicolumn{4}{l}{Corporate Sector and Public Sector to Gross Capital}\\ \tabcellsep \multicolumn{5}{l}{The value R called as coefficient of correlation}\tabcellsep \multicolumn{2}{l}{Formation).}\tabcellsep \\ \multicolumn{6}{l}{indicates a measure of the quality of the prediction of}\tabcellsep \tabcellsep \tabcellsep \\ \tabcellsep \tabcellsep \multicolumn{8}{l}{Table No 5 : ANOVA Table -Test for Regression Model Fit}\\ \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \multicolumn{2}{l}{ANOVA}\tabcellsep b\tabcellsep \\ \tabcellsep Model\tabcellsep Sum of Squares\tabcellsep \multicolumn{3}{l}{Degrees of Freedom}\tabcellsep \tabcellsep \multicolumn{2}{l}{Mean Square}\tabcellsep F\tabcellsep Sig.\tabcellsep R\tabcellsep R 2\\ 1\tabcellsep Regression\tabcellsep 1.267E13\tabcellsep \tabcellsep 3\tabcellsep \tabcellsep \tabcellsep \multicolumn{2}{l}{4.223E12}\tabcellsep 1743.157\tabcellsep .000 a\tabcellsep .999 a\tabcellsep .998\\ \tabcellsep Residual\tabcellsep 2.180E10\tabcellsep \tabcellsep 9\tabcellsep \tabcellsep \tabcellsep \multicolumn{2}{l}{2.423E9}\\ \tabcellsep Total\tabcellsep 1.269E13\tabcellsep \tabcellsep 12\tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ \multicolumn{10}{l}{a. Predictors: (Constant), Public Sector's Contribution , Household Sector's Contribution, Private Corporate Sector's Contribution}\\ \multicolumn{4}{l}{b. Dependent Variable: Gross Capital Formation}\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \end{longtable} \par \caption{\label{tab_2}Table No}\end{figure} \backmatter \par Table {\ref 7} shows the contribution of GDS to GCF. The value of R = 0.998 indicates that there exist a powerful relationship between GDS and GCF i.e. the contribution of GDS to GCF is more whenever there is hike in GDS. The regression significant value 0.000 ( p < 0.05) implies that the regression model is the best fit for the data and the independent variable (GDS) is statistically more significant to predict the dependent variable (GCF) (p < 0.05). The linear relationship between GDS and GCF can be established as \begin{bibitemlist}{1} \bibitem[Beddies ()]{b5}\label{b5} ‘Capital Accumulation and Growth: Some Evidence from Gambia: 1964-1998’. 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